ANNOUNCEMENT 12 Dec 2013In December 2013, the government of Korea announced changed incentives for foreign investors entering the country.
NUMBER OF INTERVENTIONS
One of the items announced at the Third Meeting on Trade and Investment Promotion relates to the promotion of selected service sectors. In a press release on 12 December 2013 the Ministry of Strategy and Finance, the following steps were described:
1. "To help attract foreign patients, the government will raise the cap on the number of foreign patients in large hospitals from 5 percent of total beds to 12 percent and will allow advertising."
2. "The government will help attract excellent foreign educational institutions to the country by allowing joint establishment with Korean counterparts. These institutions are expected to contribute to substituting overseas education demand and growing talented human capital."
Note the commerce substituting objective of the second measure.